Schumer Bill Eases ERISA Rules For Ruined Pensions

Law360, New York (February 10, 2010, 1:25 PM EST) -- Sen. Charles Schumer, D-N.Y., has introduced a bill to ease rules in the Employee Retirement Income Security Act and the federal tax code to give pension plans more time to amortize losses they've incurred from the Madoff Ponzi scheme.

The bill, which was introduced Tuesday, is part of broader legislation called the Pension Protection Act of 2010, which is aimed at preventing devastated pension funds from shutting down.

Called S.R. 3006, the bill would amend ERISA, as well as the Internal Revenue Service Code of 1986,...